Street Talk: Rate Cut

♦ The world's central banks are joining together to carry out a coordinated (and unprecedented) cut in interest rates, part of a plan to restore confidence in the global economy. [WSJ, NYT]
♦ Speculation that Morgan Stanley's deal with Mitsubishi UFJ had fallen through led to a huge drop in Morgan's stock price; the Japanese bank now says the deal will be done by this weekend. [Bloomberg]

♦ Citigroup is looking for allies to help it win control of Wachovia. [WSJ]
♦ Britain has announced plans for a bailout of its own. [DB]
♦ Pensions have lost $2 trillion over the past 15 months. [CNNMoney]
♦ The average hedge fund dropped 4.7% in September. [DB]
♦ Another loss for Apollo's Leon Black: The retail chain Linens 'n Things is now liquidating. [NYP]